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Tesco launches over 50s life cover

Tesco is launching a life insurance plan for the over 50s.

The supermarket giant says the policy will allow customers to leave loved ones a guarantee tax-free cash lump sum.

Customers buying the plan before June 26 will receive a free £20 gift card.

Those aged between 50 and 75 will not have to have a medical and can apply for cover online or over the phone. They will stop paying when they reach 90 but their cover will continue until death.

Tesco Life Insurance head Jeremy Sutton says: “Increasingly, people are living longer than in previous generations. Customers have been telling us that they want a product that meets their needs for leaving something for their loved ones. We are confident that our prices are the best value cover in the market.”


Route planner

My husband and I are approaching retirement age in three years time and he has been offered a two-year contract abroad. We have 101 questions that need answering before we make a decision but perhaps most important are the different financial implications that present themselves if: a: My husband goes abroad but I stay in the UK. b: I go for only part of the time. c: I go for the whole duration of the contract. d: He turns down the offer.

In the interim

Paraphrasing the line from that great film Jaws: “Just when you thought it was safe to go into the water” seems very appropriate on hearing the news that you have to be working for the client to be an adviser.

Doesn’t treating customers fairly apply to life offices?

I recently stumbled upon a piece of paper from Friends Provident which read: “As part of our policy to treat all customers fairly, we are upgrading our contracted-out policies to be more in line with stakeholder. As a result of this, we have capped commission at a maximum level of 2.5 per cent for all rebate contributions received after April 6, 2005.”

C&G withdraws SVR for new customers

Cheltenham & Gloucester has become the latest lender to withdraw its standard variable rate mortgage products from sale for new lending as of 10 May.


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